A Living Trust Attorney helps you set up a trust that will ensure that your assets are managed and distributed according to your wishes after your death or incapacity. A trust will help your loved ones avoid the costly and public probate process and can also protect your privacy. Trusts are more complex than wills and require more maintenance. However, they can offer a greater level of protection for your estate and beneficiaries than a will.
A trust can be used to pass on any titled asset, including cash, real estate, bank accounts, and stocks. Unlike a will, which must be filed with the probate court, a trust is privately administered by a trustee or other designated party. This means your family and loved ones can get access to your estate quickly and efficiently, avoiding the cost and publicity of probate.
In addition, a trust allows you to avoid some or all state and federal taxes. This can be particularly helpful if you own real property in another state. While it is not always possible to avoid taxes, a good living trust attorney can help you review your options and make recommendations that can limit the amount of tax you will owe.
You can also put conditions on how your assets are distributed. For example, you can stipulate that a beneficiary must reach a certain age or complete a specific degree program before receiving a portion of your estate. This can be a useful tool to prevent beneficiaries from spending all of their inheritance at once and to keep them from squandering it all on poor decisions.
The biggest reason to use a living trust is if you want to avoid probate. This is a lengthy and public process that can be expensive for your family after your death. It can also be difficult to manage while you are still alive. A trust can avoid all of these issues.
A living trust can be used in conjunction with a will, but one does not usually trump the other. Instead, they work together to provide maximum protection for your estate.
If you have a unique beneficiary situation, it may be best to consult a living trust lawyer in New York City. This could include a beneficiary with special needs or a family member receiving government assistance. These beneficiaries often have special requirements that a qualified lawyer can explain and recommend ways to address them in a trust.
When seeking a Living Trust Attorney, be sure to look for an experienced attorney who is licensed to practice law in your state. Also, check out the person’s qualifications, education, training and credentials. Be especially cautious if they claim to be a legal document assistant or paralegal. It is important to hire a Living Trust Attorney who is supervised by an attorney. If you need to make changes to your trust, be aware that there is a charge each time you revise your document.
